Selection of Preferred Bidder for the Sale of Toshiba Memory Corporation

Toshiba Corporation (TOKYO:6502) hereby announces that its board of
directors today resolved to select the consortium of Innovation Network
Corporation of Japan, Bain Capital Private Equity LP, and Development
Bank of Japan (“the Consortium”) a preferred bidder in respect of the
sale of Toshiba Memory Corporation (“TMC”).

TMC was split from Toshiba Corporation on April 1, 2017, as a wholly
owned subsidiary responsible for Toshiba’s memory business. This was
done toward securing further management resources essential for the
continued growth of the memory business, and to support Toshiba in
enhancing its financial structure.

Toshiba has determined that the Consortium has presented the best
proposal, not only in terms of valuation, but also in respect to
certainty of closing, retention of employees, and maintenance of
sensitive technology within Japan.

Following this decision, Toshiba’s intention is to reach a mutually
satisfactory definitive agreement with the Consortium by the date of its
annual ordinary general meeting of shareholders, scheduled for June 28,
and to close the transaction within March 2018, upon clearance of all
the required processes, including competition law approvals in key
jurisdictions.

Founded in Tokyo in 1875, Toshiba Corporation is a Fortune Global 500
company that contributes to a better world and better lives with
innovative technologies in Energy, Infrastructure and Storage. Guided by
the philosophy of “Committed to People, Committed to the Future,”
Toshiba promotes operations through a global network of 551 consolidated
companies employing 188,000 people, with annual sales surpassing 5.6
trillion yen (US$50 billion; March 31, 2016).